The Indian rupee slipped by 16 paise in the early trade on Wednesday on account of buying in American dollars by banks and imports amid unabated foreign fund outflows. The yield on the 10-year Indian government bond was at 6.674% compared with its previous close of 6.675%.
The local unit opened at 71.18/$, down by 16 paise vs. Monday's close 71.02/$.
The currency market was closed on Tuesday on account of Dussehra.
The rupee depreciated by 14 paise to close at 71.02 against the US dollar as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.
Further, the dollar index, which measures the US currency’s strength against a basket of major currencies, was at 99.089, down 0.05% from its previous close of 99.133.
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